Five-Minute Demo: How to File a BOI Report

New Federal Reporting Requirement for Beneficial Ownership Information (BOI)

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners-the individuals who ultimately own or control the company-to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Filing is simple, secure, and free of charge. Beneficial ownership information reporting is not an annual requirement.

Unless a company needs to update or correct information, a report only needs to be submitted once.

How Do I Report?

Reporting companies report beneficial ownership information electronically through FinCEN’s website: www.fincen.gov/boi. The system provides a confirmation of receipt is provided once a report filing is complete with FinCEN. Please retain this confirmation for your records.

Please see the following link for more information: https://www.fincen.gov/boi-faqs

When Do I Report?

FinCEN began accepting reports on January 1, 2024.

If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025, to report BOI.

If your company is created or registered in 2024, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.

If your company is created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.

Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.

Are We Exempt?

The Reporting Rule exempts twenty-three (23) specific types of entities from the reporting requirements listed below.  An entity that qualifies for any of these exemptions is not required to submit BOI reports to FinCEN.

Reporting company exemptions:

• Securities reporting issuer
• Governmental authority
• Bank
• Credit union
• Depository institution holding company
• Money services business
• Broker or dealer in securities
• Securities exchange or clearing agency
• Other Exchange Act registered entity
• Investment company or investment adviser
• Venture capital fund adviser
• Insurance company
• State-licensed insurance producer
• Commodity Exchange Act registered entity
• Accounting firm
• Public utility
• Financial market utility
• Pooled investment vehicle
• Tax-exempt entity
• Entity assisting a tax-exempt entity
• Large operating company
• Subsidiary of certain exempt entities
• Inactive entity